I attended a workshop conducted by Bank of England for two days. The topic is about inflation targeting. Its a concept used by around 27 countries across the world where the central bank's major aim is to keep the inflation at the target. UK is one of the earliest adapters of this policy and have been implementing it for the past 20 years.So if they miss the target they have to give an explanation to the government writing on open letter on why they have missed it.
Why it is important? my director often quotes that corruption or bad governance never impact the people directly but inflation will increase the price rise and it has an adverse effect on the people and will lead to downfall of the government. He often quotes the USSR example that people never bothered to fight the inefficiency of the system for 40 years but when the inflation rose during late 80s people revolted which led to the breakdown of Soviet Union.
All in all the two days was fun and really informative!
Why it is important? my director often quotes that corruption or bad governance never impact the people directly but inflation will increase the price rise and it has an adverse effect on the people and will lead to downfall of the government. He often quotes the USSR example that people never bothered to fight the inefficiency of the system for 40 years but when the inflation rose during late 80s people revolted which led to the breakdown of Soviet Union.
All in all the two days was fun and really informative!
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